EQUINOR ASA-SPON ADR (EQNR) Fundamental Analysis & Valuation

NYSE:EQNR • US29446M1027

32.43 USD
-1.16 (-3.45%)
At close: Mar 9, 2026
32.23 USD
-0.2 (-0.62%)
After Hours: 3/9/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This EQNR fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Overall EQNR gets a fundamental rating of 4 out of 10. We evaluated EQNR against 207 industry peers in the Oil, Gas & Consumable Fuels industry. Both the profitability and the financial health of EQNR get a neutral evaluation. Nothing too spectacular is happening here. EQNR has a valuation in line with the averages, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

5

1. EQNR Profitability Analysis

1.1 Basic Checks

  • In the past year EQNR was profitable.
  • EQNR had a positive operating cash flow in the past year.
  • In the past 5 years EQNR has always been profitable.
  • EQNR had a positive operating cash flow in each of the past 5 years.
EQNR Yearly Net Income VS EBIT VS OCF VS FCFEQNR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20B 40B 60B

1.2 Ratios

  • EQNR has a Return On Assets of 3.83%. This is comparable to the rest of the industry: EQNR outperforms 53.62% of its industry peers.
  • EQNR has a better Return On Equity (12.48%) than 69.57% of its industry peers.
  • EQNR has a Return On Invested Capital of 21.37%. This is amongst the best in the industry. EQNR outperforms 97.10% of its industry peers.
Industry RankSector Rank
ROA 3.83%
ROE 12.48%
ROIC 21.37%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
EQNR Yearly ROA, ROE, ROICEQNR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40

1.3 Margins

  • With a Profit Margin value of 4.77%, EQNR perfoms like the industry average, outperforming 44.93% of the companies in the same industry.
  • In the last couple of years the Profit Margin of EQNR has declined.
  • Looking at the Operating Margin, with a value of 25.85%, EQNR is in the better half of the industry, outperforming 67.15% of the companies in the same industry.
  • In the last couple of years the Operating Margin of EQNR has grown nicely.
  • EQNR has a Gross Margin (47.87%) which is comparable to the rest of the industry.
  • EQNR's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 25.85%
PM (TTM) 4.77%
GM 47.87%
OM growth 3Y-19.71%
OM growth 5Y27.45%
PM growth 3Y-37.26%
PM growth 5YN/A
GM growth 3Y-9.17%
GM growth 5Y-2.43%
EQNR Yearly Profit, Operating, Gross MarginsEQNR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60

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4

2. EQNR Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so EQNR is creating value.
  • EQNR has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
EQNR Yearly Shares OutstandingEQNR Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B
EQNR Yearly Total Debt VS Total AssetsEQNR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 50B 100B 150B

2.2 Solvency

  • EQNR has a debt to FCF ratio of 5.22. This is a neutral value as EQNR would need 5.22 years to pay back of all of its debts.
  • EQNR has a Debt to FCF ratio of 5.22. This is in the better half of the industry: EQNR outperforms 66.67% of its industry peers.
  • EQNR has a Debt/Equity ratio of 0.64. This is a neutral value indicating EQNR is somewhat dependend on debt financing.
  • The Debt to Equity ratio of EQNR (0.64) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Altman-Z N/A
ROIC/WACC2.75
WACC7.77%
EQNR Yearly LT Debt VS Equity VS FCFEQNR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B 40B 50B

2.3 Liquidity

  • A Current Ratio of 1.24 indicates that EQNR should not have too much problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 1.24, EQNR is in line with its industry, outperforming 56.04% of the companies in the same industry.
  • A Quick Ratio of 1.13 indicates that EQNR should not have too much problems paying its short term obligations.
  • EQNR has a Quick ratio of 1.13. This is comparable to the rest of the industry: EQNR outperforms 58.94% of its industry peers.
Industry RankSector Rank
Current Ratio 1.24
Quick Ratio 1.13
EQNR Yearly Current Assets VS Current LiabilitesEQNR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B

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3

3. EQNR Growth Analysis

3.1 Past

  • The earnings per share for EQNR have decreased strongly by -22.98% in the last year.
  • The Earnings Per Share has been growing by 54.69% on average over the past years. This is a very strong growth
  • EQNR shows a small growth in Revenue. In the last year, the Revenue has grown by 3.24%.
  • EQNR shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 18.26% yearly.
EPS 1Y (TTM)-22.98%
EPS 3Y-29.61%
EPS 5Y54.69%
EPS Q2Q%28.57%
Revenue 1Y (TTM)3.24%
Revenue growth 3Y-10.78%
Revenue growth 5Y18.26%
Sales Q2Q%-4.38%

3.2 Future

  • Based on estimates for the next years, EQNR will show a small growth in Earnings Per Share. The EPS will grow by 6.62% on average per year.
  • The Revenue is expected to decrease by -0.40% on average over the next years.
EPS Next Y8.81%
EPS Next 2Y9.97%
EPS Next 3Y9.18%
EPS Next 5Y6.62%
Revenue Next Year-5.97%
Revenue Next 2Y-2.31%
Revenue Next 3Y-0.4%
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
EQNR Yearly Revenue VS EstimatesEQNR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 50B 100B 150B
EQNR Yearly EPS VS EstimatesEQNR Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 2 4 6

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6

4. EQNR Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 12.97, which indicates a correct valuation of EQNR.
  • Compared to the rest of the industry, the Price/Earnings ratio of EQNR indicates a somewhat cheap valuation: EQNR is cheaper than 71.50% of the companies listed in the same industry.
  • The average S&P500 Price/Earnings ratio is at 26.46. EQNR is valued rather cheaply when compared to this.
  • The Price/Forward Earnings ratio is 11.92, which indicates a very decent valuation of EQNR.
  • 77.78% of the companies in the same industry are more expensive than EQNR, based on the Price/Forward Earnings ratio.
  • When comparing the Price/Forward Earnings ratio of EQNR to the average of the S&P500 Index (24.65), we can say EQNR is valued rather cheaply.
Industry RankSector Rank
PE 12.97
Fwd PE 11.92
EQNR Price Earnings VS Forward Price EarningsEQNR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of EQNR indicates a rather cheap valuation: EQNR is cheaper than 99.52% of the companies listed in the same industry.
  • EQNR's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. EQNR is cheaper than 71.98% of the companies in the same industry.
Industry RankSector Rank
P/FCF 13.55
EV/EBITDA 2.04
EQNR Per share dataEQNR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.47
PEG (5Y)0.24
EPS Next 2Y9.97%
EPS Next 3Y9.18%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. EQNR Dividend Analysis

5.1 Amount

  • EQNR has a Yearly Dividend Yield of 4.91%, which is a nice return.
  • EQNR's Dividend Yield is a higher than the industry average which is at 3.41.
  • Compared to an average S&P500 Dividend Yield of 1.82, EQNR pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.91%

5.2 History

  • On average, the dividend of EQNR grows each year by 24.62%, which is quite nice.
  • EQNR has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)24.62%
Div Incr Years0
Div Non Decr Years0
EQNR Yearly Dividends per shareEQNR Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5.3 Sustainability

  • 94.98% of the earnings are spent on dividend by EQNR. This is not a sustainable payout ratio.
  • EQNR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP94.98%
EPS Next 2Y9.97%
EPS Next 3Y9.18%
EQNR Yearly Income VS Free CF VS DividendEQNR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B
EQNR Dividend Payout.EQNR Dividend Payout, showing the Payout Ratio.EQNR Dividend Payout.PayoutRetained Earnings

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EQNR Fundamentals: All Metrics, Ratios and Statistics

EQUINOR ASA-SPON ADR

NYSE:EQNR (3/9/2026, 8:04:00 PM)

After market: 32.23 -0.2 (-0.62%)

32.43

-1.16 (-3.45%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-04
Earnings (Next)05-06
Inst Owners18.51%
Inst Owner Change-15.59%
Ins Owners0%
Ins Owner ChangeN/A
Market Cap80.96B
Revenue(TTM)105.83B
Net Income(TTM)5.04B
Analysts48.65
Price Target26.34 (-18.78%)
Short Float %3.61%
Short Ratio5.61
Dividend
Industry RankSector Rank
Dividend Yield 4.91%
Yearly Dividend3.02
Dividend Growth(5Y)24.62%
DP94.98%
Div Incr Years0
Div Non Decr Years0
Ex-Date05-15
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-5.71%
Min EPS beat(2)-36.86%
Max EPS beat(2)25.44%
EPS beat(4)1
Avg EPS beat(4)-9.04%
Min EPS beat(4)-36.86%
Max EPS beat(4)25.44%
EPS beat(8)4
Avg EPS beat(8)-0.56%
EPS beat(12)6
Avg EPS beat(12)-1.17%
EPS beat(16)8
Avg EPS beat(16)1.03%
Revenue beat(2)2
Avg Revenue beat(2)16.68%
Min Revenue beat(2)10.59%
Max Revenue beat(2)22.78%
Revenue beat(4)4
Avg Revenue beat(4)13.25%
Min Revenue beat(4)8.5%
Max Revenue beat(4)22.78%
Revenue beat(8)6
Avg Revenue beat(8)6.03%
Revenue beat(12)7
Avg Revenue beat(12)1.98%
Revenue beat(16)10
Avg Revenue beat(16)0.83%
PT rev (1m)3.87%
PT rev (3m)6.13%
EPS NQ rev (1m)-1.44%
EPS NQ rev (3m)-12.17%
EPS NY rev (1m)-2.67%
EPS NY rev (3m)-8.49%
Revenue NQ rev (1m)16.04%
Revenue NQ rev (3m)15.15%
Revenue NY rev (1m)3.14%
Revenue NY rev (3m)1.42%
Valuation
Industry RankSector Rank
PE 12.97
Fwd PE 11.92
P/S 0.77
P/FCF 13.55
P/OCF 4.05
P/B 2
P/tB 2.35
EV/EBITDA 2.04
EPS(TTM)2.5
EY7.71%
EPS(NY)2.72
Fwd EY8.39%
FCF(TTM)2.39
FCFY7.38%
OCF(TTM)8
OCFY24.67%
SpS42.39
BVpS16.19
TBVpS13.81
PEG (NY)1.47
PEG (5Y)0.24
Graham Number30.18
Profitability
Industry RankSector Rank
ROA 3.83%
ROE 12.48%
ROCE 27.06%
ROIC 21.37%
ROICexc 26.43%
ROICexgc 28.5%
OM 25.85%
PM (TTM) 4.77%
GM 47.87%
FCFM 5.65%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3Y-19.71%
OM growth 5Y27.45%
PM growth 3Y-37.26%
PM growth 5YN/A
GM growth 3Y-9.17%
GM growth 5Y-2.43%
F-Score5
Asset Turnover0.8
Health
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Debt/EBITDA 0.65
Cap/Depr 112.19%
Cap/Sales 13.22%
Interest Coverage 41.14
Cash Conversion 50.14%
Profit Quality 118.5%
Current Ratio 1.24
Quick Ratio 1.13
Altman-Z N/A
F-Score5
WACC7.77%
ROIC/WACC2.75
Cap/Depr(3y)111.52%
Cap/Depr(5y)107.58%
Cap/Sales(3y)11.67%
Cap/Sales(5y)9.97%
Profit Quality(3y)109.15%
Profit Quality(5y)132.47%
High Growth Momentum
Growth
EPS 1Y (TTM)-22.98%
EPS 3Y-29.61%
EPS 5Y54.69%
EPS Q2Q%28.57%
EPS Next Y8.81%
EPS Next 2Y9.97%
EPS Next 3Y9.18%
EPS Next 5Y6.62%
Revenue 1Y (TTM)3.24%
Revenue growth 3Y-10.78%
Revenue growth 5Y18.26%
Sales Q2Q%-4.38%
Revenue Next Year-5.97%
Revenue Next 2Y-2.31%
Revenue Next 3Y-0.4%
Revenue Next 5YN/A
EBIT growth 1Y-11.04%
EBIT growth 3Y-28.36%
EBIT growth 5Y50.72%
EBIT Next Year23.19%
EBIT Next 3Y7.35%
EBIT Next 5Y3.16%
FCF growth 1Y-24.66%
FCF growth 3Y-39.15%
FCF growth 5Y25.63%
OCF growth 1Y-0.69%
OCF growth 3Y-17.16%
OCF growth 5Y13.97%

EQUINOR ASA-SPON ADR / EQNR FAQ

What is the ChartMill fundamental rating of EQUINOR ASA-SPON ADR (EQNR) stock?

ChartMill assigns a fundamental rating of 4 / 10 to EQNR.


What is the valuation status of EQUINOR ASA-SPON ADR (EQNR) stock?

ChartMill assigns a valuation rating of 6 / 10 to EQUINOR ASA-SPON ADR (EQNR). This can be considered as Fairly Valued.


How profitable is EQUINOR ASA-SPON ADR (EQNR) stock?

EQUINOR ASA-SPON ADR (EQNR) has a profitability rating of 5 / 10.


What is the financial health of EQUINOR ASA-SPON ADR (EQNR) stock?

The financial health rating of EQUINOR ASA-SPON ADR (EQNR) is 4 / 10.


What is the expected EPS growth for EQUINOR ASA-SPON ADR (EQNR) stock?

The Earnings per Share (EPS) of EQUINOR ASA-SPON ADR (EQNR) is expected to grow by 8.81% in the next year.